Belfast Telegraph

Londonderry quay offices up for sale

Timber Quay on Strand Road is a stunning office building
Timber Quay on Strand Road is a stunning office building
Margaret Canning

By Margaret Canning

A prime office building in Londonderry with tenants including Northern Ireland plc Kainos is on sale with offers expected at £5.25m.

Timber Quay on Strand Road is fully let to a line-up of tenants which also includes insurance firm Axa, IT giant Fujitsu, Click Energy and economic development agency Invest NI with a total yearly rent of £644,190.

The property is billed as modern Grade A office space - which selling agents Lambert Smith Hampton said was "designed for professional companies seeking highly quality office accommodation".

The entire building extends to around 57,000 sq ft with 100 on-site car parking spaces.

It is currently owned by a Northern Irish property company although its name has not been confirmed.

Martin McCloy, director of capital markets at Lambert Smith Hampton, said: "We are delighted to bring to the market what is one of the best office buildings in Derry-Londonderry. Timber Quay boasts an excellent tenant profile providing security of income.

"At an asking price of £5.25m this investment opportunity provides an above-average return of 12 per cent and we expect strong interest from private investors and property companies both locally and across the UK and Ireland."

He added: "Derry-Londonderry is the main cultural and commercial hub for the north west of the country.

"The city has been riding high since it was awarded the status of UK Capital of Culture in 2012 and has undergone an exciting period of regeneration adding to an already vibrant and growing economy."

He described Londonderry as a "popular business location".

And in recent weeks, there have been two major jobs announcements in the city.

Mr McCloy said: "The young and highly educated workforce has encouraged several companies to recently announce further expansion plans in the city including FinTru (600 jobs) and Alchemy (250 jobs). Having recently been encouraged to submit their bid for a 'City Deal', Derry-Londonderry is definitely on the rise."

Belfast and Londonderry are expected to hear more details about their bid for a City Deal in Chancellor Philip Hammond's Budget in November.

Belfast Telegraph